Recession is over: Who are the biggest winners?

It is official. The recession is over! The United States' National Bureau of Economic Research has declared the recession that started in December 2007 ended in June 2009.

The 18-month slump was the longest and most severe downturn since the Great Depression in the 1930s.

The recession lasted 18 months, which makes it the longest recession since World War II. The longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months.

For India, the good news continues with the Bombay Stock Exchange scaling new heights. The Sensex crossed the 20,000 mark this week for the first time after 2008.

Click NEXT to read how the Asian superpowers pulled back the world economy from the brink of utter financial catastrophe. . .

Developing nations Brazil, Russia, India, and China (BRIC) emerged as some of the biggest winners after the recession.

China, Indonesia, South Korea and Singapore have seen their economies grow, even during the recession.

The GDP figures of these countries for the second quarter grew by an average annualised rate of more than 10 per cent, while America's GDP fell by 1 per cent, according to The Economist.

Click NEXT to find our which nations were least affected by the economic crisis . . .

1. Australia

Australia's economy grew at the fastest pace in three years in the second quarter as demand for iron ore and other commodities saw an upswing.

The economy grew by 1.2 per cent in the April-June quarter from the previous quarter, accelerating from revised growth of 0.7 per cent in the first quarter.

With a $38 billion bailout package, Australia tided over the global recession better than most developed countries. Competitiveness, fiscal prudence, and natural resources ensured a strong growth momentum.

The Australian market has averaged 6.8 per cent returns over the last two years, and is up 11 per cent during last one year.

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2. China

The Chinese economy grew by an impressive 10.30 per cent over the last year, as measured by the year-over-year change in gross domestic product.

From 1989 to 2010, China's average annual GDP growth was 9.30 per cent, hitting a high of high of 14.20 per cent in December 1992. In 2009, China was able to maintain a stable growth of 8.7 per cent.

China's fast-paced economy is likely to surpass Japan by 2020 and topple the US economy to become the world's largest by 2050.

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3. Singapore

Singapore's economy expanded by 18.80 per cent over the last year. From 2007 till 2010, the average annual GDP growth was 4.44 per cent.

It hit a high of 18.80 per cent in June 2010. Singapore's GDP is worth $182 billion, 0.29 per cent of the world economy. Exports and tourism are set to further boost the country's economy.

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4. India

Driven by robust manufacturing, the Indian economy grew by 8.8 per cent in the first quarter of this fiscal, the fastest pace in around three years, despite partial withdrawal of economic stimulus packages.

The Indian economy expanded 7.40 per cent over the last year. From 2006 till 2010, India's average annual GDP growth stood at 8.50 per cent. It rose to a high of 9.70 per cent in March 2007. The International Monetary Fund (IMF) has raised India's economic growth forecast for 2010 to 9.4 per cent.

India's GDP is worth $1,296 billion, 2.09 per cent of the world economy. Indian GDP growth is likely to rise to 9.0-9.5 per cent in fiscal 2011.

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5. Hong Kong

The Hong Kong economy expanded 6.50 per cent over the last year. Hong Kong's gross domestic product is worth $215 billion, 0.35 per cent of the world economy, according to the World Bank.

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6. Canada

Rich natural resources and stable markets ensure long-term high growth in Canada. The Canadian economy expanded by 3.40 per cent over the last year. The country's GDP is worth $1,336 billion, 2.15 per cent of the world economy.

From 1962 till 2010, Canada's average annual GDP growth was 3.37 per cent, hitting a high of 8.84 per cent in March 1962.

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7. Japan

Japan's industrialised economy grew at an annual rate of 0.40 per cent in the last quarter. From 1980 till 2010, Japan's average quarterly GDP growth was 0.55 per cent.

It rose to a high of 3.15 percent in June 1990. Japan's GDP is worth $5,068 billion.

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8. Qatar

Qatar's economy grew by 8.7 per cent last year, backed by a strong growth in the gas sector. The world's largest natural gas exporter grew at an average pace of 17.4 per cent over the past five years.

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9. New Zealand

The New Zealand economy expanded by 1.90 per cent over the last year. The country's GDP is worth $125 billion,  0.20 per cent of the world economy.

From 1988 till 2010, New Zealand's average annual GDP growth was 2.32 per cent. It hit a high of 7.30 per cent in September 1993.

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10. Malaysia

The Malaysian economy grew by 8.90 per cent over the last year. The Malaysia GDP is worth $192 billion, 0.31 per cent of the world economy.

From 2000 till 2010, Malaysia's average annual GDP growth was 4.45 per cent. It zoomed to a high of 10.10 per cent in March 2010.

Malaysia's GDP is worth $192 billion. Malaysian stocks have risen by a whopping 36 per cent over the last 12 months.